Ripple’s XRP Mirrors Market Leader Bitcoin [BTC]

2018-12-3 17:54

Ripple’s XRP followed the market over the weekend moving from $0.35 to $0.375 on Saturday. It has since retraced to around $0.36 with key support at $0.35. This has been similar to the movements of market leader Bitcoin who represents around 54% of the entire cryptocurrency market.

Over around the past week, Ripple’s XRP has ranged between $0.30 and $0.40. An increase last week met strong resistance at $0.40 and since met support at $0.35. A drop during the bearish market movements approached $0.30 but managed to bounce.

Even though XRP is the largest altcoin by market cap, its recent price movements indicate that it is following the movements of the overall market. Whatever way price moves from here is likely to depend on the movements of the market overall.

The price of XRP currently trades near the key support level around $0.35. A significant move up would be expected to meet resistance again at $0.40. A sharp drop below would likely meet support around $0.30. Bitcoin has also been trading at a key level around $4000 and could easily break above or below from here. Whatever way Bitcoin breaks from here are likely to be mirrored in the same manner by XRP.

Ripple XRP Daily (left) & Bitcoin Daily (right) Chart – Source: Tradingview.com Key Takeaways: XRP followed market movements over the weekend increasing on Saturday and since retracing. XRP has been trading in a key range between $0.3 to $0.4 over the past week. Both XRP and Bitcoin trade near key levels currently. Whatever way Bitcoin breaks from here will likely be mirrored by XRP. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Ripple’s XRP Mirrors Market Leader Bitcoin [BTC] was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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